Mortgage Rates Fall Amid Volatile Activity
January 12 2023 - 12:30PM
Dow Jones News
By Will Feuer
Mortgage rates fell over the past week, as demand for homes
remains volatile.
In the week ending Thursday, the average rate on a 30-year
fixed-rate mortgage fell to 6.33% from 6.48% the prior week. A year
ago, the average rate was 3.45%.
Average 15-year rates fell to 5.52% from 5.73% last week,
Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate
averaged 2.62%.
"While mortgage rates have resumed their decline, the market
remains hypersensitive to rate movements, with purchase demand
experiencing large swings relative to small changes in rates," said
Sam Khater, Freddie Mac's chief economist. "Over the last few weeks
latent demand has been on display with buyers jumping in and out of
the market as rates move."
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 12, 2023 12:15 ET (17:15 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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